Friday, February 26, 2010
Barron's reports that JP Morgan chief Jamie Dimon is a lot less concerned about Greece and the euro than he is about California and its growing budget troubles. Like the Greeks, officials in the Golden State had to cancel a bond sale this week and the two are competing for the top spot as poster-child for government overspending.
“Greece itself would not be an issue for this company, nor would any other country,” Dimon said, according to Dow Jones’s Matthias Rieker. “We don’t really foresee the European Union coming apart.”In a related story, there seems to have been Greek-like unrest in Berkeley last night as a budget cut protest party turned violent. Campus property was reportedly damaged and then the 200-strong protest moved out onto city streets where trash cans were set on fire, windows were smashed, and the police were called.
However, given California’s size, “there could be contagion” if the state were to have problems servicing its debts, Dimon warned.
Ironically, this was just the pre-protest planning party, not the protest itself that is (or, at least, was) scheduled for next week. Two people were arrested, alcohol was apparently involved, and there was no word on how this might impact next week's demonstrations.